Canada invests $70m in Seymour Lake lithium project in Ontario
The lithium mine operated by Australia's Green Technology Metals could become the province's first lithium producer.
Hecla Mining Co., headquartered in Coeur d’Alene, Idaho, has filed an updated resource estimate for the Casa Berardi gold mine 95 km north of La Sarre, in the Abitibi region.
Using a gold price of $1,200 per ounce, Hecla estimates the Casa Berardi reserves contain 1.9 million oz. of gold. The largest increases occurred in the proposed west mine crown pillar and principal pits.
Proven and probable reserves at Casa Berardi now stand at 23.7 million tonnes grading 0.08 g/t gold for 1.9 million contained oz. Measured and indicated resources are 12.7 million tonnes grading 0.09 g/t gold for 1.2 million contained oz. The smaller inferred resource is 6.2 million tonnes at 0.10 g/t gold for 652,000 contained oz.
Based on only reserves, Hecla says the Casa Berardi mine will contribute 35% to its revenues. The mine should generate $335 million free cash flow over its life with an after tax net present value of $325 million at a 5% discount rate.
(This article first appeared in the Canadian Mining Journal)
